Higher One Acquires Sallie Mae’s Campus Solutions Business

  Higher One Acquires Sallie Mae’s Campus Solutions Business

 Acquisition Strengthens Higher One’s Payment and Refund Service Capabilities

Business Wire

NEW HAVEN, Conn. & NEWARK, Del. -- May 7, 2013

Higher One Holdings, Inc. (NYSE: ONE) and Sallie Mae (NASDAQ: SLM) today
announced that Higher One has acquired Sallie Mae’s Campus Solutions business.
Sallie Mae’s Campus Solutions provides business-to-business solutions,
including e-commerce and billing payment solutions, refund disbursement
services, and tuition payment plan administration, to college and university
business offices across the country. Higher One is a leader in providing
financial services and data analytics to college and university campuses
across the U.S.

Under the terms of the purchase agreement, Higher One acquired substantially
all of the assets of the Campus Solutions business in an all-cash transaction
valued at approximately $47.25 million.

“Sallie Mae Campus Solutions has been a trusted business partner to
institutions,” said Mark Volchek, CEO and co-founder of Higher One. “The
Campus Solutions team is talented and possesses a profound knowledge of
financial assistance and payment solutions. We are excited to increase the
breadth of Higher One’s offerings and expect to continue to bring best
practices for refund disbursement services, payment processing services, and
data analytics now to more than 1,600 campuses and more than 13 million
students nationwide.”

Since its founding in 2000, Higher One has been focused on improving
administrative efficiencies and reducing fraud and waste to help lower the
cost of higher education. To date, Higher One has saved institutions hundreds
of millions of dollars through its services which include its CASHNet® Suite
of Payment Processing services, OneDisburse® Refund Management® funds
disbursement service, and Campus Labs® campus-wide assessment tools.

“This sale reflects our focus on our consumer segment, which includes retail
products and services that directly meet the needs of students and families as
they save, plan, and pay for college,” said Charles Rocha, senior vice
president & Chief Marketing Officer, Sallie Mae. “We are confident that Higher
One will continue to provide our family and school customers with exceptional,
transparent, and compliant products and services.”

Learn more at www.higherone.com/CampusSolutions.

About Sallie Mae

Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services company
specializing in education. Celebrating 40 years of making a difference, Sallie
Mae continues to turn education dreams into reality for American families,
today serving 25 million customers. With products and services that include
529 college savings plans, Upromise rewards, scholarship search and planning
tools, education loans, insurance, and online banking, Sallie Mae offers
solutions that help families save, plan, and pay for college. Sallie Mae also
provides financial services to hundreds of college campuses as well as to
federal and state governments. Learn more at SallieMae.com. Commonly known as
Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or
agencies of the United States of America.

About Higher One Holdings, Inc.

Higher One Holdings, Inc. (NYSE: ONE) is a leading company focused on creating
cost-saving efficiencies for higher education institutions and providing
high-value services to students. Higher One offers a wide array of
technological services on campus, ranging from streamlining the institution’s
performance analytics and financial aid refund processes to offering students
innovative banking services, tuition payment plans, and the basics of
financial management. Higher One works closely with colleges and universities
to allocate resources more efficiently in order to provide a higher quality of
service and education to students. More information about Higher One can be
found at higherone.com.

Forward Looking Statements

This press release contains statements that constitute “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995. Management’s projections and expectations are subject to a number of
risks and uncertainties that could cause actual performance to differ
materially from that predicted or implied. Forward-looking statements may be
identified by the use of words such as “expect,” “anticipate,” “believe,”
“estimate,” “potential,” “should” or similar words intended to identify
information that is not historical in nature. Forward-looking statements
contained herein include, among others, statements about the expected benefits
of the acquisition of Sallie Mae’s Campus Solutions business by Higher One and
such statements are based on the current beliefs and expectations of Higher
One and Sallie Mae's management, as applicable, and are subject to known and
unknown risks and uncertainties. There are a number of risks and uncertainties
that could cause actual results to differ materially from those contemplated
by the forward-looking statements, including, but not limited to Higher One
being unable to achieve expected synergies and operating efficiencies in the
acquisition within the expected time-frames or at all and to successfully
integrate Sallie Mae’s Campus Solutions business operations into those of
Higher One; such integration may be more difficult, time-consuming or costly
than expected; revenues following the transaction may be lower than expected;
operating costs, customer loss and business disruption (including, without
limitation, difficulties in maintaining relationships with employees,
customers, clients or suppliers) may be greater than expected following the
transaction; the retention of certain key employees in the Campus Solutions
business at Sallie Mae; the outcome of any legal proceedings that may be
instituted against the parties and others related to the acquisition agreement
and the amount of the costs, fees, expenses and charges related to the
acquisition. These statements speak only as of the date they are made, and the
company does not intend to update or otherwise revise the forward-looking
information to reflect actual results of operations, changes in financial
condition, changes in estimates, expectations or assumptions, changes in
general economic or industry conditions or other circumstances arising and/or
existing since the preparation of this press release or to reflect the
occurrence of any unanticipated events. The forward-looking statements in this
press release do not include the potential impact of any acquisitions or
divestitures that may be announced and/or completed after the date hereof. For
further information regarding the risks associated with Higher One and Sallie
Mae’s businesses, please refer to the respective filings with the Securities
and Exchange Commission, including Annual Reports on Form 10-K for the most
recent fiscal year end, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K.

Contact:

Higher One Contacts:
Media:
Shoba V. Lemoine, 203-776-7776 x4503
Slemoine@higherone.com
or
Investors:
Joseph Villalta, 203-776-7776 x4462
Joseph.villalta@higherone.com
or
Sallie Mae Contacts:
Media:
Patricia Nash Christel, 302-283-4076
patricia.christel@SallieMae.com
or
Martha Holler, 302-283-4036
martha.holler@SallieMae.com
or
Investors:
Joe Fisher, 302-283-4075
joe.fisher@SallieMae.com
or
Steven McGarry, 302-283-4074
steven.j.mcgarry@SallieMae.com
 
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